This invention relates to an electronic checking account apparatus and method, and more particularly relates to such an apparatus and method in which a digitizer is employed to sense information written on a check as it is written, said information being decoded for use in calculation and display of checking account information.
For many years, checking accounts have been used by many individuals and companies in managing their financial affairs and in making payments for the goods and services which they purchase. Despite the growth of credit cards, debit cards, automatic account debits and other special arrangements, it appears that checking accounts will continue to play a major role in financial transactions in the United States and other countries for many years to come.
Two types of difficulties are commonly experienced in connection with the use of checking accounts, particularly in the case of individual consumers. One such difficulty involves the maintenance of a check register in connection with the account, namely the correct entry of check information into the register, and the addition and subtraction of check entries, interest, deposits, charges, etc., in the check register. The second common difficulty involves the reconciliation process, in which the bank records are reconciled with the customer account.
Accordingly, an apparatus and method which would simplify the check writing process by eliminating the extra manual step of writing the payee, amount and other information on a check register, and by performing the necessary additions and subtractions to maintain the check register in a current, correct condition, would be most helpful to checking account holders.